Apartment Building in R3
For Sale
$379,000
2089 N Main Avenue, Scranton, PA 18508
Residential Income, Scranton, PA
Property Size3,440 SF
Lot Size0.20 Acres
Price / SF$110.17
Days on Market423
Property Features for 2089 N Main Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
r3
Bedrooms
6
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 6, Bedroom 4, Bathroom 4, Bathroom 2, Bathroom 5, Basement, Bedroom 5, Bathroom 1, Bedroom 6, Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 2
Basement
Unfinished
Elementary school district
Scranton
Middle school district
Scranton
High school district
Scranton
Directions
81 ton main ave exit follow to address 2089 main
Standard status
Active
APN
13505040046
Size
3,440 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
133X68x135x68 W-01 B-017 L-012 P-013
Tax Annual Amount
5748
Legal Description
133X68x135x68 W-01 B-017 L-012 P-013
Building Details
Year built
1920
Floors in Building
3
Number of units
5
Listing Agency:
Berkshire Hathaway Home Services Preferred Properties · Berkshire Hathaway HomeServices
(570) 585-1500
Listed By:
Colleen A Weissman · License #RS285514
(570) 604-2335
Added: Jul 5, 2025
Changed: Aug 19
Last Checked: Aug 31 at 6:06AM
MLS# SC253344
Copyright © 2026 Greater Scranton Board of Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This apartment building offers residential space with a basement and a room layout that includes six bedrooms and six bathrooms, providing multiple private sleeping and bath areas. The property sits on a 0.2-acre lot and contains 3,440 square feet, with construction dating to 1920.
The building is located at 2089 N Main Avenue in Scranton, PA 18508, within Lackawanna County. Zoning is listed as R3.
Showings are not permitted at this time; access is pending bankruptcy approval.
The building is located at 2089 N Main Avenue in Scranton, PA 18508, within Lackawanna County. Zoning is listed as R3.
Showings are not permitted at this time; access is pending bankruptcy approval.
Key Highlights
- Zoning listed as R3
- Built in 1920
- 3,440 SF apartment building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$26,520
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.00%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$530,400
$530.4K
Cap Rate 7%
$378,857
$378.9K
Cap Rate 9%
$294,667
$294.7K
Market Conditions
NOI Build-Up for 3,440 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$51.2K $14.88/SF
− Vacancy
−$3.0K −$0.86/SF
EGI
$48.2K $14.02/SF
− OpEx
−$21.7K −$6.31/SF
NOI
$26.5K $7.71/SF
Area
Lackawanna County, PA
Vacancy
5.80%
Lease Rate
$14.88 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$530,400
Cap Rate 7%
$378,857
Cap Rate 9%
$294,667
Alternative Uses
Best Use
Apartment 5plus
$378.9K
$331.5K – $442.0K
NOI $26,520 @ 7.0% cap · market cap 7.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$873.1K
$764.0K – $1.02M
NOI $61,119 @ 7.0% cap · market cap 16.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
763
Businesses Nearby
Explore this area
Business Placement
Demographics for 18508, PA
11,664
Population
5,466
Households
2.1
Avg Household Size
40
Median Age
18%
College-Educated
90%
High-School Grad
6.8 sq mi
ZIP Area
1,715
Density / Sq Mi
$44,706
Median Household Income
$31,055
Median Earnings
$1,034
Median Rent
$120,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Apartment building in R3 zoning built in 1920 in Scranton, PA.
Where is this apartment building located?
The property is located at 2089 N Main Avenue Scranton, PA.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: Zoning listed as R3; Built in 1920; 3,440 SF apartment building
